This invention relates to interactive wagering systems and methods for providing fixed-odds and pari-mutuel wagering. More particularly, this invention relates to systems and methods for providing conditional fixed-odds and pari-mutuel wagering that enable wagers to be placed automatically in either a fixed-odds book or a pari-mutuel pool.
Wagering on sporting events such as horse, dog, and harness racing is a popular leisure activity. Generally, there are two means to conduct wagering fixed-odds bookmaking and pooling (i.e. any form of pari-mutuel wagering). The major difference is that the bookmaker effectively competes with the player by negotiating a price and reaching an agreement that fixes the odds for a particular bet (hence, “fixed odds”) while balancing an internal book that attempts to guarantee himself a profit but carries inevitable risk. In pari-mutuel wagering, by contrast, players essentially compete against the other players and the odds are adjusted accordingly until the betting is closed.
Typically, bookmakers accept bets that do not introduce an unreasonable level of risk for them up until the start of the race or even slightly thereafter. However, bookmakers have difficulty managing large transactions late in the process because the bets can upset their book or introduce an unreasonable level of risk for them. This can cause a bookmaker to reject such a bet. Bookmakers can shut their book on a particular race or simply refuse a specific bet for any reason.
In contrast, regulated pools must accept all bets up until a closing time (e.g., post time, two minutes prior to the start of the race, etc.). Typically, the closing time of a regulated pool is at some time prior to the start of the race. Therefore, a player can be closed out of a regulated pool prior to the start of a race.
It is therefore an object of the invention to provide improved interactive wagering systems and methods.
It is a further object of the invention to provide the user with the ability to place a wager in a fixed-odds book or a pari-mutuel pool.
It is a further object of the invention to provide conditional fixed-odds and pari-mutuel wagering.